The Origin of the Open vs. Closed Source AI Discussions Recently, the debate between open source and closed source artificial intelligence approaches has intensified, as highlighted by a recent spat between venture capital heavyweights, Martin Casado of Andreessen Horowitz and John Luttig of Founders Fund. This clash underscores the high stakes and divergent philosophies at play, as both paradigms vie for dominance. Open-source advocates like Martin argue that collaboration and accessibility drive innovation, while closed source proponents like John emphasise security, control, and economic su ..read more

The Fintech Germany Award (FTGA) 2024 Edition Last Chance to Submit Nominations for the 2024 FinTech Germany Awards! Since its inception in 2016, the FinTech Germany Award (FTGA) has honored the most pioneering start-ups and scale-ups in the finance sector. Originally launched as a German-language event in Frankfurt, the FTGA transitioned to an English-speaking format and relocated to Berlin a few years ago, enhancing its inclusivity and reach. Eligibility Criteria The award welcomes start-ups and scale-ups that are driving innovation in the fintech ecosystem. Companies from fintech, insurtech ..read more

In 2023 alone, the global ecommerce market surpassed an estimated value of USD 6.1 trillion, showcasing considerable growth when compared to the rate of the global POS value (FIS Global Payments Report).   The payments landscape is steadily evolving – being constantly shaped by factors such as consumer choice and industry-wide developments. How will it shape in 2024? What are the trends?  The "Global Overview of Payment Providers 2024" report by the Paypers offers an insightful exploration into the dynamic shifts and strategic innovations defining the payment industry today. As we de ..read more

Generative artificial intelligence (AI) is quickly becoming an integral part of financial services, and the payment industry has also cut a big slice from the generative AI cake. Image: Towfiqu Barbhuiya (Unsplash) The Importance of Generative AI in Payments A new report by Visa Consulting and Analytics (VCA) explores the impact of generative AI on the payments industry, outlining payment- specific opportunities to help financial institutions acquire more customers, drive customer engagement, and improve the customer experience for optimal growth.  As generative AI transitions from niche ..read more

Bitesized Expertise Featuring Anne Leslie of IBM In the third episode of "Bitesized Expertise" by Contextual Solutions, Anne Leslie, a seasoned cybersecurity and cloud leader from IBM, delved deep into the essence of leadership. Elif Kocaoglu Ulbrich of Contextual Solutions moderated the interview. This time, it was exceptional for the participants as Anne and Elif worked together on the AI Book in 2019 (before AI was a thing!).  Image: Markus Spiske (Unsplash) Anne's career trajectory is diverse, having worked in banking, insurance, software sales, and now leading Cloud Risk and Control ..read more

Artificial Intelligence (AI) found a permanent place in the financial markets and fintech once its benefits were discovered. Despite the benefits, existing risks are mainly centered around responsibility, accountability, and supervision. Are fintech AI applications responsible enough? Image: Gerard Siderius (Unsplash) Responsible AI Are fintech AI applications responsible enough?  IBM defines responsible artificial intelligence (AI) as a set of principles that help guide the design, development, deployment, and use of AI—building trust in AI solutions that have the potential to empower ..read more

In short, lobbying influences government and regulatory policies to protect businesses' interests. As new business models and technologies enter the finance scene, it becomes increasingly important for start-ups to explain their business models and the underlying technology to policymakers to avoid overregulation or future complications. In this article, we'll explore the art of lobbying for tech companies—join us! Image: Unsplash Understanding Lobbying Lobbying, an activity often shrouded in misunderstanding and misinterpretation, is the process through which individuals, groups, or organiza ..read more

The report "Gen-AI: Artificial Intelligence and the Future of Work" produced by the International Monetary Fund (IMF) explores the profound implications of artificial intelligence (AI) on the future of labor markets across different economies. We summarized the report's key messages and conclusions into a comprehensive overview for our readers – scroll down to learn more! Gen-AI: Artificial Intelligence and the Future of Work was authored by Mauro Cazzaniga, Florence Jaumotte, Longji Li, Giovanni Melina, Augustus J. Panton, Carlo Pizzinelli, Emma Rockall, and Marina M. Tavares was published i ..read more

Are bank business models doomed to shape around the activities listed in the banking regulations? Not anymore! Make it stand out Image: Unsplash Introducing Lifestyle Banking The innovative banking approach featuring traditional banking services topped up with a holistic and personalized experience tailored to individual customers' unique lifestyles and aspirations, in short, "lifestyle banking," is becoming increasingly popular with the rise of open banking and AI. As consumers increasingly seek convenience, personalization, and seamless integration into their daily lives, lifestyle banking ..read more

Acting as an unregulated financial advisor can have legal consequences for social media influencers – and the firms who use them. Image: Unsplash Creating a financial brand from scratch In recent years, the financial industry has understood the importance of influencer marketing for financial services and embraced influencer collaborations. Establishing trust is crucial for financial service providers, and creating trust for FinTechs has proved difficult. When we look closely at the army of neobanks available in almost every country, we can see that the majority of FinTech banking service pro ..read more